The Central Bank of Nigeria has debited 26 banks to the tune of a total of ₦216.1 billion. This debit came about as a part of the CBN’s Cash Reserve Ratio (CRR) compliance requirement.
The Cash Reserve Ratio has to do with the minimum amount that banks are required to retain with the Central Bank of Nigeria from customer deposits.
The 26 Banks whose cash reserves were debited include some regular “victims”. Some of these banks are Access Bank PLC, Guaranty Trust Bank PLC, and Zenith Bank PLC.
This CRR debit is coming ahead of the CBN’s foreign exchange auction. According to a report from Nairametrics, a trader disclosed that this has become a tradition.
Here’s the full list of all the 26 banks whose cash reserves just got debited.
- Access Bank PLC: ₦5 billion
- Citibank: ₦11 billion
- Coronation Merchant Bank: ₦2 billion
- Ecobank: ₦9 billion
- FBN Merchant Bank: ₦2.5 billion
- Fidelity Bank PLC: ₦5 billion
- First Bank of Nigeria Ltd.: ₦15 billion
- FCMB: ₦15.5 billion
- FSDH: ₦251.2 million
- Globus Bank: ₦1 billion
- Guaranty Trust Bank PLC: ₦25 billion
- Heritage Bank PLC: 1.5 billion
- Keystone Bank Limited: ₦1.4 billion
- Nova Merchant Bank Ltd.: ₦6 billion
- Providus Bank: ₦1.2 billion
- Rand Merchant Bank: ₦335.5 million
- Polaris Bank Ltd.: ₦6 billion
- Stanbic IBTC: ₦30 billion
- Standard Chartered Bank: ₦10 billion
- Sterling Bank PLC: ₦3.3 billion
- SunTrust Bank: ₦683.9 million
- Titan Trust Bank: ₦500 million
- Union Bank of Nigeria PLC: ₦8 billion
- Unity Bank PLC: ₦9 billion
- Wema Bank PLC: ₦567.7 million
- Zenith Bank PLC: ₦46.3 billion